Charles Schwab Investment Management Inc. Cuts Position in Fabrinet (NYSE:FN)

Charles Schwab Investment Management Inc. decreased its position in Fabrinet (NYSE:FN) by 7.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 420,698 shares of the technology company’s stock after selling 32,078 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Fabrinet were worth $83,092,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Banque Cantonale Vaudoise purchased a new position in Fabrinet in the first quarter valued at approximately $29,000. Wayfinding Financial LLC purchased a new position in Fabrinet in the first quarter valued at approximately $30,000. Berbice Capital Management LLC purchased a new stake in shares of Fabrinet during the first quarter worth $30,000. Private Trust Co. NA lifted its position in shares of Fabrinet by 44.3% during the first quarter. Private Trust Co. NA now owns 166 shares of the technology company’s stock worth $33,000 after acquiring an additional 51 shares in the last quarter. Finally, SBI Securities Co. Ltd. lifted its position in shares of Fabrinet by 93.5% during the first quarter. SBI Securities Co. Ltd. now owns 180 shares of the technology company’s stock worth $36,000 after acquiring an additional 87 shares in the last quarter. Hedge funds and other institutional investors own 97.38% of the company’s stock.

Fabrinet Stock Performance

Shares of FN stock opened at $338.41 on Thursday. Fabrinet has a 52-week low of $148.55 and a 52-week high of $356.55. The company has a market capitalization of $12.13 billion, a PE ratio of 37.68 and a beta of 1.02. The business’s fifty day moving average is $293.11 and its 200 day moving average is $238.25.

Insider Activity

In related news, COO Harpal Gill sold 18,675 shares of the stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $240.00, for a total value of $4,482,000.00. Following the sale, the chief operating officer owned 18,068 shares in the company, valued at approximately $4,336,320. This trade represents a 50.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.38% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on FN shares. JPMorgan Chase & Co. increased their target price on Fabrinet from $235.00 to $318.00 and gave the stock a “neutral” rating in a research report on Thursday, July 17th. Barclays set a $234.00 target price on Fabrinet and gave the stock an “equal weight” rating in a research report on Tuesday, May 6th. Wolfe Research started coverage on Fabrinet in a research report on Tuesday, July 8th. They set a “peer perform” rating on the stock. Needham & Company LLC restated a “buy” rating and set a $280.00 target price on shares of Fabrinet in a research report on Tuesday, May 6th. Finally, Rosenblatt Securities increased their target price on Fabrinet from $250.00 to $290.00 and gave the stock a “buy” rating in a research report on Thursday, June 12th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $261.33.

About Fabrinet

Fabrinet provides optical packaging and precision optical, electro-mechanical, and electronic manufacturing services in North America, the Asia-Pacific, and Europe. The company offers a range of advanced optical and electro-mechanical capabilities in the manufacturing process, including process design and engineering, supply chain management, manufacturing, printed circuit board assembly, advanced packaging, integration, final assembly, and testing.